Ethereum On Thursday, it quickly rose to a two-week high of $4,500, expanding quarterly performance even as traditional markets navigate significant volatility.
The world’s second largest cryptocurrency by market capitalization has increased by 1.6% over the last 24 hours per Coingecko data. Despite being considered one of the most bearish quarters, Ethereum closed its third quarter with a big 74% return, recording a profit of 34% that year, according to Coinglass data.
Unlike US Stocks & Gold, the broader crypto market has experienced a sharp increase in purchasing pressure amid the US government shutdown, bringing up trends of 6% and 8% of the top two cryptocurrencies.
In countless forecast markets released DecryptionUsers of parent company Dastan are increasingly bullish about the outlook for Ethereum. Currently, about 72% expects a surge to $5,000 rather than dropping from 66% on Thursday to $3,500.
Ethereum’s tailwind
The shift in traders’ emotions is to provide a tailwind for Ethereum, experts said Decryption.
“The positioning of the bearish options market in September was switched in early October,” said Thahbib Rahman, research analyst at Options Data Analytics platform block Scholes. Decryption. “The option that expires in the coming weeks represents a higher relative demand for phones than PUTs at present,” Rahman warned that this new optimism could be short-lived. Positive sentiment is limited to October only, and “the long-term put options still have premiums.”
Lbank Labs head Czhang Lin said it reflects positive recent views Decryption It says, “Ethereum appears to be heading solidly in the fourth quarter.”
“October tends to be a strong month for crypto,” he added, “Ethereum is better than many assets, even when stocks are under pressure.”
Lin expects short-term ticks, but believes the overall momentum will remain positive.
Analysts are looking closely at whether the Department of Digital Assets Treasury (DATS), a key source of institutional demand that has recently been suspended, will resume its accumulated Ethereum.
“Eth Dats has paused on a stock that is under pressure, but I think it’s a pause and not a pullback,” said Ryan Lee, chief analyst at Bitget. Decryption.
Lynn repeated similar sentiments, adding that if buyers at these agencies resume purchasing, “it is a significant boost.”
“This confluence could push Ethereum prices faster,” he added, and Lee suggested that such developments “add a real belief in the fourth quarter breakout scenario.”
